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05 December 2019
LIFESTYLE

Egypt secures $1.1 billion from ITFC to fund commodities imports

The funds are part of a $3 billion agreement between Egypt and the fund signed in January 2018.

Bloomberg/Sima Diab

by Kudakwashe Muzoriwa

Egypt’s petroleum and supply ministries said that the International Islamic Trade Finance Corporation (ITFC) will provide $1.1 billion of funding to help Egypt with imports of petroleum products and basic commodities in 2020, reported Reuters.

The acute shortages of foreign currency last year, caused delays in some payments by Egypt’s General Authority for Supply Commodities (GASC)—which was a signatory to the deal—to global suppliers.

The 2018 financing ensured the availability of dollars for the state buyer to use for payment at some of its international purchasing tenders.


RELATED STORIES: International Islamic Trade Finance Corporation General Authority for Supply Commodities

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